China Attributes Rapid EV Growth to Innovation, Defends Industry Against Subsidy Criticism 🚗

China's Minister of Commerce Wang Wentao said China's rapid growth in EVs is due to "constant innovations," not subsidies as claimed by the US and Europe. Wang made the remarks during a roundtable in Paris with representatives from Chinese EV companies facing an EU anti-subsidy investigation. The EU launched an investigation to see if import tariffs on Chinese EVs are needed to offset subsidies and create a level playing field. US Treasury Secretary Janet Yellen in China expressed concern over the impacts of Chinese "industrial overcapacity" and said talks would focus on related "macroeconomic imbalances."